Boohoo demands Revolution explains how bosses landed £2m share awards

Boohoo demands Revolution Beauty explains how bosses landed £2m share awards without investors’ approval

Boohoo has demanded that Revolution Beauty explain why it handed out more than £2million in share awards to its bosses without the approval of investors.

The battle between the two retailers reached boiling point after makeup brand Revolution Beauty defied a shareholder vote and reinstated its leadership team.

It led to its shares returning to the AIM market after a suspension was lifted. Share options were granted to chief executive Bob Holt, finance chief Elizabeth Lake and 16 staff. 

Unapproved: Revolution Beauty’s top shareholder Boohoo has questioned why the struggling beauty firm’s bosses were handed more than £2m in share awards

Holt and Lake got around £2.1million combined, fashion retailer Boohoo said, as it called for full details to be published.

Lindsey Stewart, director of investment stewardship research at Morningstar, said: ‘The fight will again leave investors wondering about governance standards at AIM-listed companies. 

And while Boohoo is quite right to be concerned, Boohoo has been in the headlines over the years due to deep concerns over its governance arrangements and oversight of working conditions.’